The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Back taxes question...||Date: 1/5/2010 7:06 PM|
|Author: comptche||Number: 108320 of 121803|
Hi Tax people,
Thanks for your help in the past... it really paid off with my own real estate investing.
My son is not as wise as my husband and I would like him to be... generation gap and all that... He and his wife are behind in their taxes for about three to four years and probably incurring penalties. We have heard inklings from our tax preparer who also his tax preparer, but, of course, no details there. This Christmas we heard from our daughter-in-law that they owe the government around $37,000... and our son tells us he hates the tax preparer... We know who is at fault, and, it is not the tax preparer!!!
Our son has a small business; he runs a small real estate loan office as a branch of a larger real estate loan business. He works twice as hard now, but tells us he is still making money, just earning less on each loan and having more loans that do not get funding. I suspect that he planned on paying his taxes until one day he didn't have enough to do that, put it off, went on a cruise, etc., and hoped to pay soon and that it has caught up with him... and has penalties piled on as well... This concerns us because of the great amount of stress that this places upon him and his wife... not a healthy place to be... and concerns us as to legal problems that he may incur.
Finally, my question: How can we help him, not financially, but with suggestions of how to get through this? Is there any amnesty that would wipe out penalties and allow him to pay over time? Is there any program that would help him through this mess? Does he need to consult one of those guys on TV who offer to deal with the IRS because they know the ropes and used to work for the IRS?
We are ready to sit down with he and his wife to discuss this, but we do not want to just say get this done or else we will think you are a dumb bunny... we want to offer one or more ways that he can do this and survive with our prodding and nudging. We love this guy, but know that he has dug himself a deep hole...
Any avenues to follow or questions that must be asked by us or someone else are extremely welcomed... no matter what they may be...
Anne, a worried mom with a bumbling son and daughter-in-law...
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